Citigroup upgrades AAPL to 'buy'
updated 08:40 am EST, Mon February 12, 2007
AAPL upgraded to 'buy'
Citigroup has upgraded Apple stock to 'buy' from hold, citing "several meaningful product catalysts and expectations of significant gross market upside due to declines in flash memory and DRAM pricing." MarketWatch reports that analyst Richard Gardner kept his 12-month price target at $105. Despite some risks associated with the on-going investigation into option back dating and with the digital right management issues, Gardner said that the reward vs. risk profile of the stock has improved. "We believe clients should begin building positions at current prices, while any first-half [2007] weakness would simply represent an enhanced opportunity to increase positions," Gardner said in a research note obtained by the publication. The stock was up nearly 2 percent to $84.70 in pre-open trading. AAPL stock is off about 15 percent since reaching its all-time high on January 10th.
